Business models have been in existence ever since the beginning of time. Business has evolved from the traditional Barter system to today’s intangible business models. It is pertinent to note that one integral principle that acts as a common ground for all of the business practices that ever existed, is ‘Contracts’. Contracts find their presence in a wide range of applications, and one of it is business. The development of laws relating to contracts resulted in inclusion of various clauses in business agreements. The technicalities and nuances involved in each specific contractual clause have become very essential for respective type of business. Evolution of new types of contractual clauses is rather organic, as it is subject to changing human lifestyle and environment.
This manuscript deals with interpretation of contracts in the business world. It also discusses about influence and validity of oral contract. Different types of contractual clauses such as limited liability clause, confidentiality clause and its types are discussed in the manuscript. Further, procedure for termination of contracts and the remedies available for of breach of contracts is also highlighted. Moreover, emphasis has also been placed on international business agreements. The article also provides for reformative suggestions to the existing framework of business contracts.
The objective of this manuscript is to provide a cumulative understanding as to application of contracts in the business world. The authors have attempted to provide a wholesome coverage of contractual nuances involved in business agreements.